The project is expected to fulfill the market’s need for low-cost environmentally friendly housing
The federal government, together with the Canada Mortgage and Housing Corporation, has announced a substantial investment, exceeding $27.4 million, for the immediate construction of The Market Lands Net Zero High Rise multi-use residential complex, located at 155 Princess Street in Winnipeg.
Owned and developed by The Market Lands Inc., the 10-storey project is touted as “the first on-site net-zero affordable residential high-rise in Canada.” The building is also designed with on-site energy production and 100% natural ventilation, with the capability to produce “fully carbon neutral” domestic hot water.
“We dared to imagine a project that could lead the way to a more inclusive community, while tackling the challenge of climate change and modelling a cleaner, greener future,” said Angela Mathieson, president and CEO of CentreVenture Development Corporation. “The federal government has been our partner at every step, helping us make this vision a reality in downtown Winnipeg.”
Read more: CMHC pushes for affordable homes in Winnipeg
The project is slated to provide Winnipeg with 102 new units of low-cost housing. Estimated date of completion is December 2023.
Of the funding, $24.8 million will be coursed through a combination of repayable and forgivable loans, as part of the National Housing Co-Investment Fund. A contribution of $2.6 million will also be coming through the NHS Affordable Housing Innovation Fund.
